Fracking could generate $500 million per year in Colombia: study

The development of non-conventional oil deposits using fracking could generate $500 million per project per year in taxes, royalties, dividends for shareholders and salaries in Colombia, the country’s private oil producers association said on Wednesday. According to an analysis by the Colombian Petroleum Association (ACP), a single fracking project with a typical 30-year lifespan and up to 1,400 wells could generate some 5,000 direct and indirect jobs. “In an environment like this one, where the fiscal sustainability of the national government is not guaranteed, non-conventional deposits represent an opportunity for Colombia to generate the required resources to finance government programs and social development,” ACP President Francisco Lloreda said in a statement. Colombia does not currently carry out oil exploration or exploitation activities with fracking, but an expert committee convened by the energy and environmental ministries has begun a study into use of the technique. Results are […]